Bitcoin Elliott Wave Update - The bear saunters on
As I mentioned in my previous post, the bearish count is still valid and is playing out as anticipated.
At this point we've completed subminuette waves i and ii and appear to be near completion of subminuette wave iii as we've reached the minimum expected target of 1.618% and wave traced out five micro waves within subminuette wave iii. Due the alternation, I'm expecting a shallow correction for subminuette wave iv.
It'll be quite interesting to see how subminuette wave v plays out. Assuming that iii does not extend and v is roughly the same length as i, that would put us short of our initial target below $3000. Probably somewhere in the $3300 range which would imply a truncated minuette wave (v). That is one option, but it is also possible that if wave iii is truly complete that subminuette wave v could extend, taking it below $3000 and not producing a truncated minuette wave (v).
The short term count would be invalidated if prices rose above $3848.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I'm new to TA. But is that a H&S pattern I'm seeing?
I definitely see a few movements in this chart that could be interpreted as H&S patterns :)
Including a potential one in the making.
Thanks!
I was talking about the one in the making.